Introduction
Reference-dependent theory and equilibrium analysis
Reference-dependent theory
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(1) Reference dependence people distinguish between gains from losses before making decisions; the outcomes are framed as gains or losses compared to some reference points;
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(2) Loss aversion losses (outcomes below the reference point) loom larger than the corresponding gains (outcomes above the reference point);
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(3) Constant loss aversion a certain loss on one dimension needs corresponding multi-fold gains to compensate in the same dimension.
User equilibrium of reference-dependent activity-travel patterns
Model assumptions and definitions
Model assumptions
Link utilities
Reference-dependent utility of travel links
The utility of activity links
Reference-dependent user equilibrium model
Network flow constraints
Model formulation
Analysis of the reference points
Solution algorithm
Numerical example
Basic setting
Subway | Bus | Car | |
---|---|---|---|
Subway | (0,0) | (Loss, gain) | (Gain, loss) |
Bus | (Gain, loss) | (0,0) | (Gain, loss) |
Car | (Loss, gain) | (Loss, gain) | (0,0) |
links |
\(t_{a}^{0}\)(minute) |
\(C_{a}\)
|
\(\eta_{0}\)
|
\(\eta_{1}\)
|
\(\tau_{a}\)
|
\(E_{a}\)
|
\(F_{a}\)
|
---|---|---|---|---|---|---|---|
Subway | 30 | – | – | – | 5 RMB/trip | – | – |
Bus | 45 | 100 | 0.0015 | 2 | 2 RMB/trip | 1 | 3 |
Car | 10 | 100 | 0.0015 | 2 | 2 RMB/minute | – | – |